The city has received permission to bypass the Appellate Division and go directly to the state’s highest court — the Court of Appeals — to try to overturn a lower court ruling blocking a new class of 18,000 taxis that would be allowed to pick up street hails outside Manhattan.

“We are very grateful that this important case can move forward far more quickly…” said Corporation Counsel Michael Cardozo.

Still, it may be a while before there’s a decision in the high-stakes case.

Michael Woloz, a spokesman for the Metropolitan Taxicab Board of Trade, said he expects that the high court won’t hear oral arguments before April or May.

“It really was a mutual decision,” he said of the speeded-up schedule.

“We were all going to end up at the Court of Appeals any way.”

The city has a lot riding on the outcome.

As part of his proposal to expand metered cab service to Brooklyn, Queens, The Bronx, Staten Island and northern Manhattan, Mayor Bloomberg also got to sell 2,000 more yellow cab medallions.

The sale was expected to haul in $1.46 billion over three years.

Both the taxi expansion and the medallion sale were approved by Albany.

But the taxi industry sued. In August State Supreme Court Justice Arthur Engoron ruled it was unconstitutional for the state Legislature to green light the mayor’s plan without a “home rule” message from the City Council.

As a result, the mayor decided to remove the anticipated medallion revenue from this year’s budget.